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The Malaysia-US Free Trade Agreement is a proposed treaty between Malaysia and the United States of America. The treaty aims to liberalise each other markets to parties of the agreement and directly encourage trade between the two countries. At the time of proposal in 2005, the US was Malaysia's largest trading partner while Malaysia is the 10th largest trading partner for the US. [1] Negotiation began in June 2005. [2]
The Malaysian delegation was led by then Minister of International Trade and Industry, Rafidah Abdul Aziz and the US delegation was led by United States Trade Representative Rob Portman and his deputy, Ambassador Karan K. Bhatia.
On January 2009, International Trade and Industry Minister Muhyiddin Yassin announced that negotiations on a free trade agreement had been temporarily suspended as a protest against the American support of Israel in the 2008 Gaza War. [3] At the time of his statement he had not yet officially informed the Cabinet of his decision to suspend negotiations. [4]
The negotiations have since stalled as the US instead prioritized a regional economic association, particularly the Trans-Pacific Partnership. [5]
Several rounds were held to discuss matters that proved to be sticky for both sides. The US was working to achieve an agreement before the Trade Promotion Authority lapsed in July 2007; the TPA is an authority granted by the US Congress to the US President to fast track free trade negotiations between the US and foreign states. Despite the deadlines, both the US and the Malaysian sides were unable to move forward and hence, negotiation is still ongoing.
The issues affecting the negotiation are high tariffs imposed on imported US goods compared to imported Malaysian goods, restriction of import of motor vehicles into Malaysia, government procurement based on New Economic Policy which favours the local Malays, export subsidies, intellectual property rights, pharmaceutical, barriers in various services, investment requirements which is again related to the NEP and transparency in governance. [2]
The free trade agreement has received opposition, particularly from the Consumers' Association of Penang. [6]
The CAP rallied for the end of negotiations, stating that the free trade agreement would have serious impact in Malaysia on many issues, such as:
| History | |
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| Currency | |
| Banking and Finance | |
| Government agencies | |
| Corridors and Regions |
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| Economic blueprint | |
| Economic co-operation | |
| Policies and Programs | |
| Agreements | |
| Industries | |
| Other topics | |
| Existing |
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Defunct or expired |
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The Free Trade Area of the Americas (FTAA) was a proposed agreement to eliminate or reduce the trade barriers among all countries in the Americas, excluding Cuba. Negotiations to establish the FTAA ended in failure, however, with all parties unable to reach an agreement by the 2005 deadline they had set for themselves.
The Dominican Republic– Central America Free Trade Agreement is a free trade agreement. Originally, the agreement encompassed the United States and the Central American countries of Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua, and was called CAFTA. In 2004, the Dominican Republic joined the negotiations, and the agreement was renamed CAFTA-DR.
The Australia – United States Free Trade Agreement (AUSFTA) is a preferential trade agreement between Australia and the United States modelled on the North American Free Trade Agreement (NAFTA). The AUSFTA was signed on 18 May 2004 and came into effect on 1 January 2005.
A free trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements - bilateral and multilateral. Bilateral trade agreements occur when two countries agree to loosen trade restrictions between the two of them, generally to expand business opportunities. Multilateral trade agreements are agreements among three or more countries, and are the most difficult to negotiate and agree.
The US-Morocco Free Trade Agreement is a bilateral trade agreement between the United States and Morocco. The agreement was signed on June 15, 2004, followed by U.S. President George W. Bush's signing of the USMFTA Implementation Act on August 17, 2004. The United States House of Representatives ratified the pact on July 22, 2004 by a 323–99 vote. The United States Senate passed the bill by unanimous consent on July 21, 2004. The Morocco FTA came into effect on January 1, 2006.
The United States–Israel States Free Trade Agreement (FTA) is a trade pact between the State of Israel and the United States of America established in 1985 to lower trade barriers in some goods. The agreement reduces rates of duty, and in some case eliminates all duties, on merchandise exported from Israel to the United States. The agreement also covers merchandise exported from the Gaza Strip and the West Bank.
The United States-Colombia Trade Promotion Agreement (CTPA) is a bilateral free trade agreement between the United States and Colombia. Sometimes called the Colombia Free Trade Agreement, it was signed on November 22, 2006, by Deputy U.S. Trade Representative John Veroneau and Colombian Minister of Trade, Industry, and Tourism Jorge Humberto Botero. CTPA is a comprehensive agreement that will eliminate tariffs and other barriers to trade in goods and services between the United States and Colombia, including government procurement, investment, telecommunications, electronics commerce, intellectual property rights, and labor and environmental protection The United States Congress. Colombia's Congress approved the agreement and a protocol of amendment in 2007. Colombia's Constitutional Court completed its review in July 2008, and concluded that the Agreement conforms to Colombia's Constitution. President Obama tasked the Office of the U.S. Trade Representative with seeking a path to address outstanding issues surrounding the Colombia FTA. The United States Congress then took on the agreement and passed it on October 12, 2011. The agreement went into effect on May 15, 2012.
The United States–Korea Free Trade Agreement, also known as KORUS FTA, is a trade agreement between the United States and South Korea. Negotiations were announced on February 2, 2006, and concluded on April 1, 2007. The treaty was first signed on June 30, 2007, with a renegotiated version signed in early December 2010.
The United States is party to many free-trade agreements (FTAs) worldwide.
New Zealand is party to several free-trade agreements (FTAs) worldwide.
The European Union–South Korea Free Trade Agreement is a free trade agreement between the European Union (EU) and South Korea. The agreement was signed on 15 October 2009. The agreement was provisionally applied from 1 July 2011, and entered into force from 13 December 2015, after having been ratified by all signatories.
The ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia. and the final agreement was on 13 August 2009. The free trade area came into effect on 1 January 2010. India hosted the latest ASEAN-India Commemorative Summit in New Delhi on 26 January 2018. In the financial year 2017–18, Indo-ASEAN bilateral trade grew by almost 14% to reach US$81.3 billion. India's imports from ASEAN were valued at US$47.13 billion while its exports to ASEAN stood at US$34.2 billion.
Malaysian economic policy under Prime Minister Najib marks a significant shift away from the state-oriented economic programmes of past governments.
Mexico and the European Economic Community (EEC) signed an agreement intending to foster economic and trade relations on 15 July 1975. Mexico and the European Union (EU) have had a free trade agreement since 2000 and the two benefit from high investment flows.
Relations between the European Union (EU) and Japan date back to 1959. They have a strong trade relationship, particularly in investment flows.
The European Union (EU) and the Republic of Korea are important trade partners: Korea is the EU's ninth largest export market for goods, and the EU is Korea's third largest export destination. The two have signed a free trade agreement which came into effect at end of 2011. Furthermore, South Korea is the only country in the world with the three agreements covering economics, politics and security in effect as of 2020.
The China–Pakistan Free Trade Agreement(CPFTA) is a free trade agreement (FTA) between the People's Republic of China and the Islamic Republic of Pakistan that seeks to increase trade and strengthen the partnership between the two countries.
The China–South Korea Free Trade Agreement is a free trade agreement between China and South Korea signed in 2014 and active since the following year.
The EU-Singapore Free Trade Agreement, acronym EUSFTA, is a signed and ratified free trade and bilateral investment treaty between the European Union and Singapore. EUSFTA has been negotiated since March 2010 and its text has been publicly accessible since June 2015. The negotiations on goods and services were completed in 2012, on investment protection on October 17, 2014.
The Trade Agreement between Southern African Customs Union (SACU) and European Free Trade Association (EFTA) is a Free trade agreement signed by both parties in 2006 in Höfn, Iceland and entered into force on 1 May 2008. It involves 9 countries: 4 are members of EFTA and 5 are members of SACU. The goal of the agreement is to deepen the relations between parties, provide favorable conditions for trade, and encourage economic integration and social development in SACU member states with support from EFTA.
